Benefits of hiring a fractional CFO

There is a story behind every business and how it was born.  Some businesses were born out of passion for a product or service, others were born out of a need to be independent and call the shots; but all of them were born out of an idea and a purpose. Unfortunately, most business owners lack the financial background to make data driven decisions.

Business owners who struggle with financial analytics put their business on the line and it can have a detrimental impact when unforeseen events take place. Most business owners have not consulted with a finance expert, as they feel they cannot afford any additional costs or may not be aware of fractional CFO services. Getting a finance expert to help you make data driven decisions is an investment towards the growth of the business.

Today more than ever, it is crucial to be able to adjust fast as business needs change. Not having insight or understanding of financials can slow down your business and lose profit on the way. Having a fractional CFO on a project basis, rather than via a staff position, can allow your business to move forward without increased overhead or leaving cash on the table.

Business owners wear many hats, even if they have the financial knowledge, they do not have the time to handle all financial aspects of the business. The longer the company operates or the larger it gets, the more difficult it gets to manage all financial aspects. Small businesses that have a fractional CFO; not only benefit from having a second set of eyes, but they also benefit from making decisions with confidence while growing their business. 

Benefits of hiring a fractional CFO:

• Experience without overhead costs – A fractional CFO has the background and years of experience working with a variety of different businesses and can tackle an array of challenges. A fractional CFO can identify risks and opportunities and suggest creative solutions to help improve margins.

• Making finance decisions with confidence – Planning for the future of your business is the most important benefit of having a fractional CFO. A finance expert can plan based on accurate assumptions and can make adjustments as things change. A fractional CFO can help you with financial projections and measurable objectives with a clear timeline.

• Get your time back – Business owners get pulled in many directions and some areas of the business can suffer. Spending time on your areas of expertise is more beneficial for the business than spending time on financial analytics which may not be your biggest strength.

There are other benefits of hiring a fractional CFO and many of the benefits may not seem attainable at first. If you have reached a point where your business is not heading in the right direction, or you can’t manage all the finance aspects of your business; I invite you to consider having a finance expert on your side. You will wish you started working with a fractional CFO earlier.